Thread by @innercitypress

In #SDNY, Chris Collins who resigned as Congressman yesterday is set in 10 minutes to plead guilty before Judge Vernon Broderick to insider trading in the stock of Innate Immunotherapeutics: innercitypress.com/sdny2repcollin… Inner City Press will live-tweet here: thread

@MatthewLeeICP @nprpolitics @axios @TheBuffaloNews @BBCWorld @MeetThePress @WashTimes @CNYCentral @thedailybeast @sdnylive While his lawyers huddle to set everything up for the guilty plea, Collins has been sitting alone at the defense table with a red tied and a bottle of water looking nonplussed.

@MatthewLeeICP @nprpolitics @axios @TheBuffaloNews @BBCWorld @MeetThePress @WashTimes @CNYCentral @thedailybeast @sdnylive OK - all rise, Judge Vernon Broderick has arrived. "We're here for a change of plea. Mr Collins, I've heard you wish to plead guilty... Is that correct?"
Collins: "That is correct, your honor."

@MatthewLeeICP @nprpolitics @axios @TheBuffaloNews @BBCWorld @MeetThePress @WashTimes @CNYCentral @thedailybeast @sdnylive Now under oath, Collins answers he has an engineering degree from NC State, MBA from Alabama.
Oh and he had a beer last night at dinner with his daughter. Capable of understanding these proceedings.

@MatthewLeeICP @nprpolitics @axios @TheBuffaloNews @BBCWorld @MeetThePress @WashTimes @CNYCentral @thedailybeast @sdnylive Now Judge Broderick is informing Collins of his Constitutional rights.

Collins, of course, has filed an appeal of Broderick's decision on the Speech or Debate Clause of the Constitution...

@MatthewLeeICP @nprpolitics @axios @TheBuffaloNews @BBCWorld @MeetThePress @WashTimes @CNYCentral @thedailybeast @sdnylive Broderick: Have you had the chance to discuss with your lawyers if your Constitutional rights were violated?
Collins: I do.
Broderick (after a pause) You mean, you have?
Collins: Yes.
Note: proceedings are scripted - seems Collins thought it was a wedding, "I do."

@MatthewLeeICP @nprpolitics @axios @TheBuffaloNews @BBCWorld @MeetThePress @WashTimes @CNYCentral @thedailybeast @sdnylive Judge Broderick tells Collins of the maximum sentences for the charges he's pleading guilty to: 5 years on Count 1, another 5 years on Count 2... Fines of $250,000 or twice the gross gain.

"No restitution is being sought," AUSA says that's right.

@MatthewLeeICP @nprpolitics @axios @TheBuffaloNews @BBCWorld @MeetThePress @WashTimes @CNYCentral @thedailybeast @sdnylive Now Judge Broderick gets to the plea agreement, in a letter dated Sept 20, which Collins signed on Sept 24. He has agreed to guidelines range of 46 to 57 months, no right to appeal anything in that range.

@MatthewLeeICP @nprpolitics @axios @TheBuffaloNews @BBCWorld @MeetThePress @WashTimes @CNYCentral @thedailybeast @sdnylive Now Collins has to allocute:

June 2017, I was a member of the board of directors. I understood I had a duty not to disclose confidential information. It was developing an MS drug - I believed it was going to succeed...

@MatthewLeeICP @nprpolitics @axios @TheBuffaloNews @BBCWorld @MeetThePress @WashTimes @CNYCentral @thedailybeast @sdnylive ...I was informed that the drug test had failed. I was shocked. I was devastated. I was in a very emotional state and I called my son Cameroon. I don't remember what I said, except that the trial had not succeeded.

@MatthewLeeICP @nprpolitics @axios @TheBuffaloNews @BBCWorld @MeetThePress @WashTimes @CNYCentral @thedailybeast @sdnylive Collins: I knew he could and would trade on it. Months later the FBI knocked on my door. I falsely denied to the agents that I had told my son about the results. I knew it was illegal and improper. I regret my actions. I'm sorry for the pain I've caused my wife

@MatthewLeeICP @nprpolitics @axios @TheBuffaloNews @BBCWorld @MeetThePress @WashTimes @CNYCentral @thedailybeast @sdnylive I've supported my son since he was an Eagle Scout. Now I've put him in jeopardy. My friends, I've let them down. Those at Innate, other board members... and my constituents as a member of Congress, I've tried to be a model citizen but my actions are anything but.

@MatthewLeeICP @nprpolitics @axios @TheBuffaloNews @BBCWorld @MeetThePress @WashTimes @CNYCentral @thedailybeast @sdnylive Collins: There's nothing more I can do at this time than own up to my actions. That's why I'm here.

AUSA summarizes: if it had gone to trial, we had phone records showing defendant informed his son with expectation that he would sell shares in Innate

@MatthewLeeICP @nprpolitics @axios @TheBuffaloNews @BBCWorld @MeetThePress @WashTimes @CNYCentral @thedailybeast @sdnylive Judge Broderick sets sentencing of Collins for January 17, 2020 at 2:30. Sentencing submissions before then. Proceeding is over; InnerCityPress.com story soon.